Portugal remains the most popular European destination for investors seeking a residence permit through the Golden Visa program for 2025, but Greece is steadily gaining ground and now has a legitimate claim to a larger share of the investment migration market.
This is shown by recent research in the field, at a time when changes in the Portuguese naturalization framework are creating uncertainty and legal complications.
According to the 2025 Investment Migration Executive Survey, nearly 25% of companies in the industry say that the Portuguese Golden Visa remains their clients’ first choice, despite delays and a significant administrative backlog. At the same time, the Greek program accounts for 8% of sales, a significantly lower percentage but an increase from previous years. The same research estimates that Portugal will maintain its lead in 2026, but with the key condition being the final outcome of the changes to the citizenship acquisition regime.
The Portuguese government has decided to increase the required years of legal residence for citizenship from five to ten, a change that has caused intense reactions. A group of Golden Visa holders has already taken legal action against the state, arguing that the new rules reverse the commitments that were in place when they made their investments. Their lawyer, Madalena Monteiro, stresses that they are not asking for special treatment, but for fair treatment and for the new regulations not to be applied retroactively, noting that the absence of transitional provisions undermines confidence in the program itself.
The issue is compounded by the fact that approximately 20,000 Golden Visa applications remain pending, with investors still waiting for an appointment with the Portuguese Integration, Migration and Asylum Service. Under the weight of the reactions, the government has temporarily “frozen” the changes, pending constitutional review.
Despite the difficulties, Portugal remains an attractive destination for foreign residents and retirees, thanks to its mild climate, healthcare system, and favorable tax regimes for foreigners. The international recognition of its economic progress, with its designation as “Economy of the Year 2025” by the Economist, further enhances its image of stability. Since 2019, the country’s foreign population has nearly tripled, reaching 1.6 million people, about 15% of the total population.
At the same time, Greece is emerging as an alternative with strong comparative advantages. With over 8,000 miles of coastline, hundreds of islands, and more than 300 days of sunshine a year, it combines quality of life with relatively affordable costs. It’s no coincidence that in the International Living’s 2026 Global Retirement Index, Greece took the top spot for the first time, leaving Portugal in fourth place. International diversification expert Ted Bauman notes that, in terms of Golden Visa, “Greece is not just the new Portugal — it can be better.”
The Greek program starts with an investment of approximately 250,000 euros for properties that need renovation or are located in areas with lower housing pressure, while it reaches up to 800,000 euros for large properties or high-demand areas such as Mykonos and Santorini. Unlike Portugal, Greece does not impose a minimum stay requirement. The Portuguese Golden Visa requires an investment of approximately 500,000 euros and a minimum physical presence of seven days per year, offering both countries free movement within the Schengen Zone.
The lowest cost of living compared to the United States remains a common denominator for Greece and Portugal. The basic monthly expenses of an individual, excluding rent, are estimated at approximately $592 in Portugal and $832 in Greece, while in the US they average over $1,160. Rents in both countries remain significantly lower compared to other Western European markets.
